Swiss gold exports to the United States rocketed in March

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich, Switzerland, November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

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LONDON, April 26 (Reuters) – Swiss shipments of gold to the United States surged in March to their highest since May 2020, Swiss customs data showed, as investors spooked by Russia’s invasion of Ukraine and the threat of a global economic slowdown stocked up on bullion.

Switzerland’s exports to Britain, which like the United States is a center for gold investment and trading, also rose, while shipments of gold to China and India, the biggest consumer markets, fell sharply.

Switzerland is the world’s biggest refining and transit center for gold, an asset typically seen as a safe place to store wealth in times of economic and political turmoil.

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Exchange traded funds (ETFs) storing gold for investors added 185 tons worth around $15 billion to their stockpile in March, the most since July 2020, according to the World Gold Council.

Such strong investor demand pushed up gold prices in February and March. Higher prices often put off retail consumers in Asia.

Swiss exports to mainland China and Hong Kong fell in March to their lowest in a year and shipments to India were the smallest since May 2021. Exports to Britain were the highest since June 2021.

Gold was trading around $1,900 an ounce on Tuesday.

Following are numbers and comparisons.

SWISS TRADE DATA (KG)

SHIPMENTS TO KEY MARKETS (KG)

* Source: Swiss customs. Data subject to revision by source.

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Reporting by Reuters; Editing by Edmund Blair

Our Standards: The Thomson Reuters Trust Principles.

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